Visakhapatnam

Capital talk sends real estate prices zooming

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On an average, plots and flats on the outskirts witnessed an increase in prices by 20% to 25%

Even before a final decision was taken, the idea of making the city the Executive capital of Andhra Pradesh has led to unprecedented speculation on the growth potential of Visakhapatnam, popularly known as Vizag, City of Destiny, Waltair, Port City and Steel City, leading to revival of realty business and heavy demand for plots and flats.

On an average, the plots as well as flats on the city outskirts have witnessed an increase in prices by 20% to 25%. Though the realty sector was on the downslide owing to prolonged economy slowdown, to its pleasant surprise it has seen a dramatic revival of fortunes close on the heels of overcoming the crisis in availability of sand.

The demand is more for acquiring properties towards Bheemunipatnam and Anandapuram, where a lot of vacant government sites are available with good highway connectivity.

Good response

The response was evident in a recent expo organised by CREDAI with a footfall of 20,000. “We were also taken aback with a record number of bookings. We expect the trend to gain momentum and a fillip in demand once a final decision is taken to set up the Executive capital in Visakhapatnam, which has all the ingredients to become a world-class city,” CREDAI local chapter president B. Srinivasa Rao told The Hindu.

CREDAI also projects a highly successful year for the real estate sector in the New Year. It expects a construction boom with the Union government deciding to give a booster dose to the sector.

Despite the agitation by the farmers of 29 villages in the Amaravati capital region, the ruling YSR Congress Party and a section of Telugu Desam Party leaders are of the opinion that establishing Executive capital in the city would bring about a permanent end to backwardness of North Andhra.

“Several big ticket projects will come to Visakhapatnam once Secretariat and other buildings come up in the city making it a hub for administration,” remarked Tourism Minister Muttamsetti Srinivasa Rao defending the three capital proposal to ensure decentralised development.

Visakhapatnam is the largest city in the State with cosmopolitan culture. It has robust industrial and social infrastructure. While Visakhapatnam Port was set up in 1933, Hindustan Shipyard Limited (earlier known Scindia Steam Navigation) came up in 1941. It is also known as IT capital and financial capital of AP.

Tourist spot

The city is popular for its scenic beaches and valleys. Buddhist sites all along the Visakhapatnam-Bheemunipatnam beach road further make it an attractive destination for tourists. It is ‘love at first sight’ for those visiting the city whether they are from other States or abroad because of warmth of the people, cosmopolitan outlook and panoramic view of the various locales in and around the city.

The Bhogapuram International Airport, for which the erstwhile TDP Government had initiated the Land Pooling Scheme will get a shot in the arm besides taking up work on Metro Rail with massive investment from Bhogapuram in Vizianagaram district to Anakapalle in Visakhapatnam covering a distance of 100 km. The project comprising 10 corridors connecting Bhogapuram to Kurmannapalem and Lankalapalem in the industrial area via National Highway passing through the city, if cleared, will be taken up under the PPP mode.

As the INS Dega Airport is under the control of Navy, slowly domestic and international flight operations will be relocated to Bhogapuram, which is ideally located with easy access to the people of Vizianagaram and Srikakulam.

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Printable version | Jan 20, 2020 1:23:16 AM | https://www.thehindu.com/news/cities/Visakhapatnam/capital-talk-sends-real-estate-prices-zooming/article30517608.ece

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